Invesco Ltd. Reduces Stock Position in Plug Power Inc. (NASDAQ:PLUG)

Invesco Ltd. trimmed its holdings in shares of Plug Power Inc. (NASDAQ:PLUG - Free Report) by 11.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,961,363 shares of the electronics maker's stock after selling 510,271 shares during the quarter. Invesco Ltd. owned 0.43% of Plug Power worth $8,438,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacific Sage Partners LLC acquired a new position in Plug Power during the 4th quarter worth approximately $25,000. Oppenheimer & Co. Inc. purchased a new position in shares of Plug Power in the 4th quarter valued at $25,000. Jones Financial Companies Lllp grew its position in Plug Power by 107.4% during the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after purchasing an additional 6,074 shares during the last quarter. Callan Family Office LLC purchased a new position in Plug Power during the 4th quarter worth $27,000. Finally, Savant Capital LLC acquired a new stake in shares of Plug Power in the 4th quarter worth $31,000. 43.48% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on PLUG. B. Riley reduced their price objective on shares of Plug Power from $4.00 to $3.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. UBS Group decreased their price target on Plug Power from $2.50 to $1.75 and set a "neutral" rating for the company in a research note on Friday, March 21st. Morgan Stanley decreased their price objective on Plug Power from $1.75 to $1.60 and set an "underweight" rating for the company in a research report on Thursday, March 6th. Piper Sandler cut their price objective on Plug Power from $1.40 to $1.10 and set an "underweight" rating on the stock in a research note on Wednesday, March 5th. Finally, Seaport Res Ptn cut shares of Plug Power from a "hold" rating to a "strong sell" rating in a research note on Monday, January 27th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Plug Power has an average rating of "Hold" and a consensus target price of $2.29.

Plug Power Price Performance

Shares of PLUG stock traded up $0.01 during trading hours on Tuesday, hitting $1.03. 45,728,277 shares of the company's stock were exchanged, compared to its average volume of 52,693,807. The company has a market capitalization of $948.31 million, a PE ratio of -0.48 and a beta of 2.07. Plug Power Inc. has a 12-month low of $0.76 and a 12-month high of $4.90. The business's 50 day simple moving average is $1.36 and its 200-day simple moving average is $1.90. The company has a current ratio of 2.08, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Plug Power Company Profile

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.